Obligation ArcelorMittal Steel 9.375% ( XS0431928414 ) en EUR

ArcelorMittal Steel

100 % ▼

Luxembourg

XS0431928414 ( en EUR )

9.375% par an ( paiement annuel )

03/06/2016 - Obligation échue

Prospectus brochure de l'obligation ArcelorMittal XS0431928414 en EUR 9.375%, échue

50 000 EUR

1 000 000 000 EUR

ArcelorMittal est le premier producteur mondial d'acier, présent dans plus de 60 pays, et spécialisé dans la production et la distribution d'acier plat, long et de produits sidérurgiques.

L'obligation ArcelorMittal (XS0431928414), émise à Luxembourg pour un montant total de 1 000 000 000 EUR, avec un coupon de 9,375 % payable annuellement, a atteint sa maturité le 03/06/2016 et a été intégralement remboursée à son prix nominal de 100%, avec un minimum d'achat de 50 000 EUR.

(a société anonyme incorporated under the laws of the Grand Duchy of Luxembourg having its registered office at
19, avenue de la Liberté, L-2930 Luxembourg, Grand Duchy of Luxembourg, and registered with the Registre de
Commerce et des Sociétés, Luxembourg under number B 82.454)
Euro 1,500,000,000
Euro 1,000,000,000
8.25 per cent. Bonds due 2013
9.375 per cent. Bonds due 2016
Issue Price 99.589 per cent.
Issue Price 99.381 per cent.

The Euro 1,500,000,000 8.25 per cent. Bonds due 2013 (the "2013 Bonds") and the Euro 1,000,000,000 9.375 per cent. Bonds due 2016 (the "2016 Bonds" and, together with
the 2013 Bonds, the "Bonds")) will be issued by ArcelorMittal (the "Issuer" or "we" or "ArcelorMittal"). Interest on the Bonds is payable annually in arrear on 3 June in each
year commencing on 3 June 2010. The interest payable on the Bonds will increase upon the occurrence of certain rating downgrade or rating withdrawal events as further
described in "Terms and Conditions of the Bonds".
Payments on the Bonds will be made without deduction for or on account of taxes of the Grand Duchy of Luxembourg to the extent described under "Terms and Conditions of
the Bonds - Taxation".
The 2013 Bonds mature on 3 June 2013 and the 2016 Bonds mature on 3 June 2016 but, in either case, may be redeemed before then at the option of the relevant holder upon the
occurrence of a Put Restructuring Event or Change of Control (each as defined herein) at their principal amount together with accrued interest. See "Terms and Conditions of the
Bonds - Redemption at the option of the Bondholders upon a Put Restructuring Event - Offer to Purchase upon a Change of Control". The Bonds are also subject to redemption
in whole, at their principal amount, together with accrued interest, at the option of the Issuer at any time in the event of certain changes affecting taxes of the Grand Duchy of
Luxembourg. See "Terms and Conditions of the Bonds - Redemption and Purchase".
The Bonds will constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer. See "Terms and Conditions of the Bonds - Status".
Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority under the Luxembourg Act dated
10 July 2005 relating to prospectuses for securities, for the approval of this Prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive"). Application has
also been made to the Luxembourg Stock Exchange for the Bonds to be admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the
Official List of the Luxembourg Stock Exchange. References in this Prospectus to the Bonds being "listed" (and all related references) shall mean that the Bonds have been
"listed" on the Official List of the Luxembourg Stock Exchange and admitted to trading on the Luxembourg Stock Exchange's regulated market. The Luxembourg Stock
Exchange's regulated market is a regulated market for the purposes of the Markets in Financial Instruments Directive (MiFID) 2004/39/EC.
The Bonds will initially be represented by a Temporary Global Bond, without interest coupons, which will be issued in new global note ("NGN") form and the Temporary
Global Bond will be delivered on or prior to the Issue Date to a common safekeeper (the "Common Safekeeper") for Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream
Banking, société anonyme ("Clearstream, Luxembourg"). The Temporary Global Bond will be exchangeable for interests recorded in the records of Euroclear and Clearstream,
Luxembourg in a Permanent Global Bond, without interest coupons, on or after a date which is expected to be 14 July 2009 upon certification as to non-U.S. beneficial
ownership. The Permanent Global Bond will be exchangeable for definitive Bonds in bearer form in the denominations of Euro50,000 and integral multiples of Euro1,000 in
excess thereof in the circumstances set out in it. See "Summary of Provisions relating to the Bonds while in Global Form".
The Bonds are expected to be rated BBB+ by Standard & Poor's Rating Services, Baa3 by Moody's Investors Services, Inc. and BBB by Fitch Ratings Ltd. A rating is not a
recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. See"Risk Factors -
ArcelorMittal has a substantial amount of indebtedness, which, along with adverse conditions prevailing in global credit markets, could make it more difficult or expensive to
refinance its maturing debt, incur new debt and/or flexibly manage its business" and "Risk Factors - A downgrade in ArcelorMittal's credit rating could adversely affect the
trading price of the "Bonds".
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this Prospectus.

JOINT LEAD MANAGERS
Banco Santander, S.A.
CALYON Crédit
Citi
Agricole CIB
Commerzbank Aktiengesellschaft
HSBC
J.P. Morgan

CO-MANAGERS
Banco Bilbao Vizcaya Argentaria, S.A.
CM-CIC BFCM
ING Wholesale Banking
MeesPierson
Rabobank
International

Prospectus dated 2 June 2009

This Prospectus comprises a prospectus for the purposes of Article 5.3 of Directive 2003/71/EC (the
"Prospectus Directive") and for the purpose of giving information with regard to the Issuer and its
subsidiaries taken as a whole (the "Group") and the Bonds, which according to the particular nature of the
Issuer and the Bonds, is necessary to enable investors to make an informed assessment of the assets and
liabilities, financial position, profit and losses and prospects of the Issuer. The Issuer accepts responsibility for
the information contained in this Prospectus. To the best of the knowledge and belief of the Issuer which has
taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is in
accordance with the facts and does not omit anything likely to affect the import of such information.
This Prospectus is to be read in conjunction with all the documents which are incorporated herein by
reference (see "Documents Incorporated by Reference").
References herein to "Terms and Conditions of the Bonds" shall mean to the Terms and Conditions of the
2013 Bonds or the Terms and Conditions of the 2016 Bonds, as applicable.
This Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or the Managers
(as defined in "Subscription and Sale" below) to subscribe or purchase, any of the Bonds. The distribution of
this Prospectus and the offering of the Bonds in certain jurisdictions may be restricted by law. Persons into
whose possession this Prospectus comes are required by the Issuer and the Managers to inform themselves
about and to observe any such restrictions.
For a description of further restrictions on offers and sales of Bonds and distribution of this Prospectus, see
"Subscription and Sale" below.
No person is authorised to give any information or to make any representation not contained in this
Prospectus and any information or representation not so contained must not be relied upon as having been
authorised by or on behalf of the Issuer or the Managers. Neither the delivery of this Prospectus nor any sale
made in connection herewith shall, under any circumstances, create any implication that there has been no
change in the affairs of the Issuer since the date hereof or the date upon which this Prospectus has been most
recently amended or supplemented or that there has been no adverse change in the financial position of the
Issuer since the date hereof or the date upon which this Prospectus has been most recently amended or
supplemented or that the information contained in it or any other information supplied in connection with the
Bonds is correct as of any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.
The Bonds have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities
Act") and are subject to U.S. tax law requirements. Subject to certain exceptions, Bonds may not be offered,
sold or delivered within the United States or to U.S. persons.
In connection with the issue of the Bonds, J.P. Morgan Securities Ltd. (the "Stabilising Manager") (or
persons acting on behalf of the Stabilising Manager) may over-allot the 2013 Bonds and/or, as the case
may be, the 2016 Bonds or effect transactions with a view to supporting the market price of the 2013
Bonds or, as the case may be, the 2016 Bonds at a level higher than that which might otherwise prevail.
However, there is no assurance that the Stabilising Manager (or persons acting on behalf of the
Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on or after
the date on which adequate public disclosure of the terms of the offer of the 2013 Bonds or, as the case
may be, the 2016 Bonds is made and, if begun, may be ended at any time, but it must end no later than
the earlier of 30 days after the Closing Date (as defined herein) of the 2013 Bonds or, as the case may
be, the 2016 Bonds and 60 days after the date of the allotment of the 2013 Bonds or, as the case may be,
the 2016 Bonds. Any stabilisation action or over-allotment must be conducted by the Stabilising
Manager (or person(s) acting on behalf of the Stabilising Manager) in accordance with all applicable
laws and rules.

ii

In this Prospectus unless otherwise specified or the context otherwise requires, references to "" or "Euro"
are to the single currency of the participating member states of the European Union which was introduced on
1 January 1999, references to the "U.S." and to the "United States" are to the United States of America, and
references to "$" or "U.S. Dollars" are to the lawful currency of the United States of America.
Forward-Looking Statements
This Prospectus contains forward-looking statements based on estimates and assumptions. Forward-looking
statements include, among other things, statements concerning the business, future financial condition, results
of operations and prospects of ArcelorMittal, including its subsidiaries. These statements usually contain the
words "believes", "plans", "expects", "anticipates", "intends", "estimates" or other similar expressions. For
each of these statements, you should be aware that forward-looking statements involve known and unknown
risks and uncertainties. Although it is believed that the expectations reflected in these forward-looking
statements are reasonable, there is no assurance that the actual results or developments anticipated will be
realised or, even if realised, that they will have the expected effects on the business, financial condition,
results of operations or prospects of ArcelorMittal.
These forward-looking statements speak only as of the date on which the statements were made, and no
obligation has been undertaken to publicly update or revise any forward-looking statements made in this
prospectus or elsewhere as a result of new information, future events or otherwise, except as required by
applicable laws and regulations. In addition to other factors and matters contained or incorporated by
reference in this Prospectus, it is believed that the following factors, among others, could cause actual results
to differ materially from those discussed in the forward-looking statements:
·
the downturn in the global economy and any protracted global recession or a depression;
·
the risk of a protracted fall in steel prices or of price volatility;
·
the risk that excessive capacity may hamper the steel industry's recovery and prolong the downward
cycle;
·
any volatility or increases in the cost, or shortages in the supply, of raw materials, energy and
transportation;
·
the risk that unfair practices in steel trade could negatively affect steel prices and reduce
ArcelorMittal's profitability;
·
the risk that national trade restrictions could reduce or eliminate ArcelorMittal's access to steel
markets;
·
the risk that developments in the competitive environment in the steel industry could have an adverse
effect on ArcelorMittal's competitive position;
·
increased competition from other materials, which could significantly reduce market prices and
demand for steel products;
·
legislative or regulatory changes, including those relating to protection of the environment and health
and safety;
·
the risk that ArcelorMittal's high level of indebtedness and the adverse conditions prevailing in global
credit markets could make it substantially more difficult or expensive to refinance its maturing debt,
incur new debt and/or flexibly manage its business;
·
ArcelorMittal's ability to manage its growth;

iii

·
Mr Lakshmi N. Mittal's ability to exercise significant influence over the outcome of shareholder
voting;
·
any loss or diminution in the services of Mr Lakshmi N. Mittal, ArcelorMittal's Chairman of the Board
of Directors and Chief Executive Officer;
·
the risk that the earnings and cash flows of ArcelorMittal's operating subsidiaries may not be sufficient
to meet future needs or for planned dividends or share buy-backs;
·
the risk that changes in assumptions underlying the carrying value of certain assets, including as a
result of deteriorating market conditions, could result in impairment of tangible and intangible assets,
including goodwill;
·
the risk that significant capital expenditure and other commitments ArcelorMittal has made in
connection with past acquisitions may limit its operational flexibility and add to its financing
requirements;
·
risks relating to ArcelorMittal's mining operations;
·
the risk that non-fulfilment or breach of transitional arrangements may result in the recovery of aid
granted to some of ArcelorMittal's subsidiaries;
·
ArcelorMittal's ability to fund under-funded pension liabilities;
·
the risk of labour disputes;
·
economic policy risks and uncertainties in the countries in which it operates or proposes to operate;
·
the risk of disruption or volatility in the economic, political or social environment in the countries in
which ArcelorMittal conducts business;
·
fluctuations in currency exchange rates, commodity prices, energy prices and interest rates;
·
the risk of disruptions to ArcelorMittal's operations;
·
damage to ArcelorMittal's production facilities due to natural disasters;
·
the risk that ArcelorMittal's insurance policies may provide limited coverage;
·
the risk of product liability claims adversely affecting ArcelorMittal's operations;
·
the risk of potential liabilities from investigations and litigation regarding antitrust matters;
·
the risk of unfavourable changes to, or interpretations of, the tax laws and regulations in the countries
in which ArcelorMittal operates; and
·
the risk that ArcelorMittal may not be able fully to utilise its deferred tax assets.
These factors are discussed in more detail in this prospectus, including under "Risk Factors".

iv

Presentation of certain financial and other information
Definitions and Terminology
Unless indicated otherwise, or the context otherwise requires, references herein to "ArcelorMittal", "we",
"us", "our", the "Company" and the "Issuer" or similar terms are to ArcelorMittal, formerly known as Mittal
Steel Company N.V. ("Mittal Steel"), having its registered office at 19, avenue de la Liberté, L-2930
Luxembourg, Grand Duchy of Luxembourg, and, where the context requires, its consolidated subsidiaries.
ArcelorMittal's principal subsidiaries, categorised by operating segment and location, are listed below.
All references herein to "Arcelor" refer to Arcelor, a société anonyme incorporated under Luxembourg law,
which was acquired by Mittal Steel on 1 August 2006.
For the purposes of this Prospectus, the names of the following ArcelorMittal subsidiaries as abbreviated
below will be used where applicable.
Name of Subsidiary
Abbreviation
Country
Flat Carbon Americas

ArcelorMittal Dofasco Inc.
Dofasco
Canada
ArcelorMittal Lázaro Cárdenas S.A. de

C.V.
ArcelorMittal Lázaro Cárdenas
Mexico
ArcelorMittal USA Inc.
ArcelorMittal USA
USA
ArcelorMittal Mines Canada Inc
ArcelorMittal Mines Canada
Canada
Flat Carbon Europe

ArcelorMittal Atlantique et Lorraine

SAS
ArcelorMittal Atlantique et Lorraine
France
ArcelorMittal Belgium N.V.
Arcelor Steel Belgium
Belgium
ArcelorMittal España S.A.
ArcelorMittal España
Spain
ArcelorMittal Flat Carbon Europe SA
AMFCE
Luxembourg
ArcelorMittal Galati S.A.
ArcelorMittal Galati
Romania
Industeel Belgium S.A.
Industeel Belgium
Belgium
Industeel France S.A.
Industeel France
France
Long Carbon Americas and Europe

Acindar Industria Argentina de Aceros

S.A.
Acindar
Argentina
ArcelorMittal Belval & Differdange SA
ArcelorMittal Belval & Differdange
Luxembourg
ArcelorMittal Brasil S.A.
ArcelorMittal Brasil
Brazil
ArcelorMittal Hamburg GmbH
ArcelorMittal Hamburg
Germany
ArcelorMittal Hochfeld GmbH
ArcelorMittal Hochfeld
Germany
ArcelorMittal Las Truchas, S.A. de C.V. Sicartsa
Mexico
ArcelorMittal Madrid S.L.
ArcelorMittal Madrid
Spain
ArcelorMittal Montreal Inc
ArcelorMittal Montreal
Canada
ArcelorMittal Olaberría S.L.
ArcelorMittal Olaberría
Spain

v

ArcelorMittal Ostrava a.s.
ArcelorMittal Ostrava
Czech Republic
ArcelorMittal Point Lisas Ltd.
ArcelorMittal Point Lisas
Trinidad and Tobago
ArcelorMittal Poland S.A.
ArcelorMittal Poland
Poland
ArcelorMittal Ruhrort GmbH
ArcelorMittal Ruhrort
Germany
Société Nationale de Sidérurgie S.A.
Sonasid
Morocco
AACIS

ArcelorMittal South Africa Ltd.
ArcelorMittal South Africa
South Africa
JSC ArcelorMittal Temirtau
ArcelorMittal Temirtau
Kazakhstan
OJSC ArcelorMittal Kryviy Rih
ArcelorMittal Kryviy Rih
Ukraine
Stainless Steel

ArcelorMittal Inox Brasil S.A.
Acesita or ArcelorMittal Inox Brasil
Brazil
ArcelorMittal Stainless Belgium
AMSB
Belgium
Steel Solutions and Services

ArcelorMittal International Luxembourg

SA
ArcelorMittal Luxembourg
Luxembourg

Market Information
This Prospectus includes industry data and projections about our markets obtained from industry surveys,
market research, publicly available information and industry publications. Statements on ArcelorMittal's
competitive position contained in this Prospectus are based primarily on public sources including, but not
limited to, publications of the International Iron and Steel Institute. Industry publications generally state that
the information they contain has been obtained from sources believed to be reliable but that the accuracy and
completeness of such information is not guaranteed and that the projections they contain are based on a
number of significant assumptions. We have not independently verified these data or determined the
reasonableness of such assumptions. In addition, in many cases we have made statements in this Prospectus
regarding our industry and our position in the industry based on internal surveys, industry forecasts and
market research, as well as our own experience. This information has been accurately reproduced, and, as far
as we are aware, and are able to ascertain, no facts have been omitted which would render the reproduced
information inaccurate or misleading.

vi

Table of Contents
Page
Presentation of certain financial and other information...................................................................................... v
Documents Incorporated by Reference .............................................................................................................. 8
Risk Factors...................................................................................................................................................... 10
Terms and Conditions of the 2013 Bonds ........................................................................................................ 28
Terms and Conditions of the 2016 Bonds ........................................................................................................ 41
Use of Proceeds................................................................................................................................................ 54
Summary of Provisions Relating to the Bonds while in Global Form ............................................................. 55
Selected Historical Financial Information........................................................................................................ 58
Information on the Issuer ................................................................................................................................. 63
Taxation.......................................................................................................................................................... 165
Subscription and Sale ..................................................................................................................................... 168
General Information ....................................................................................................................................... 170

vii

Documents Incorporated by Reference

This Prospectus should be read and construed in conjunction with the following documents, which have been
previously published and filed with the CSSF and which shall be deemed to be incorporated in, and to form
part of, this Prospectus:
(i)
the 2008 Annual Report of the Issuer (the "ArcelorMittal AR 2008") (only those pages cited in the
cross-reference table below);
(ii)
the 2007 Annual Report of the Issuer (the "ArcelorMittal AR 2007") (only those pages cited in the
cross-reference table below); and
(iii) first quarter 2009 earnings release dated 28 April 2009 containing unaudited financial information of
the Issuer as at and for the three month period ended 31 March 2009 (the "First Quarter Earnings
Release").
The financial information incorporated by reference herein was prepared in accordance with International
Financial Reporting Standards as adopted in the European Union ("IFRS") except where indicated as such in
the relevant document.
The Issuer will provide, free of charge, during normal working hours at the specified office of the Principal
Paying Agent (whose address appears on the back page of this Prospectus), upon oral or written request, a
copy of this Prospectus (and any document incorporated by reference herein). Written or oral requests for
such documents should be directed to the specified office of the Paying Agent in Luxembourg.
The Prospectus and the documents incorporated by reference in this Prospectus will be published on the
website of the Luxembourg Stock Exchange (www.bourse.lu) and of the Issuer (www.arcelormittal.com).
Annex IX Section Number

Page Numbers of Relevant Document
11.1. Historical Financial Information

Audited consolidated financial statements of

ArcelorMittal for the financial year ended December
2007:
(i) consolidated balance sheets:
pp. 43-44 of the ArcelorMittal AR 2007
(ii) consolidated statements of income:
pp. 45-46 of the ArcelorMittal AR 2007
(iii) consolidated statements of changes in equity:
p. 47 of the ArcelorMittal AR 2007
(iv) consolidated statements of cash flow:
p. 48 of the ArcelorMittal AR 2007
(v) notes to the consolidated financial statements:
pp. 49-119 of the ArcelorMittal AR 2007
(vi) auditors' report on the consolidated financial
p. 120 of the ArcelorMittal AR 2007
statements:
Audited consolidated financial statements of

ArcelorMittal for the financial year ended December
2008:
(i) consolidated balance sheets:
pp. 69-70 of the ArcelorMittal AR 2008
(ii) consolidated statements of income:
pp. 71-72 of the ArcelorMittal AR 2008

8

Annex IX Section Number

Page Numbers of Relevant Document
(iii) consolidated statements of changes in equity:
p. 73 of the ArcelorMittal AR 2008
(iv) consolidated statements of cash flow:
p. 74 of the ArcelorMittal AR 2008
(v) notes to the consolidated financial statements:
pp. 75-151 of the ArcelorMittal AR 2008
(vi) auditors' report on the consolidated financial
p. 152 of the ArcelorMittal AR 2008
statements:
Interim and Other Financial Information:
pp. 1-19 of the First Quarter Earnings Release

For the avoidance of doubt, the information contained in the documents incorporated by reference which is
not cross-referenced in the table above does not form part of this Prospectus. You should assume that the
information appearing in this Prospectus, or any documents incorporated by reference in this Prospectus, is
accurate only as of the date on the front cover of the applicable document. Our business, financial condition,
results of operations and prospects may have changed since that date.

9

Risk Factors
The Issuer believes that the following factors may affect its ability to fulfil its obligations under the Bonds. All
of these factors are contingencies which may or may not occur and the Issuer is not in a position to express a
view on the likelihood of any such contingency occurring. Factors which the Issuer believes may be material
for the purpose of assessing the market risks associated with the Bonds are also described below. The Issuer
believes that the factors described below represent the principal risks inherent in investing in the Bonds, but
the inability of the Issuer to pay interest, principal or other amounts on or in connection with the Bonds may
occur for other reasons and the Issuer does not represent that the statements below regarding the risks of
holding the Bonds are exhaustive. Prospective investors should also read the detailed information set out
elsewhere in this Prospectus and reach their own views prior to making any investment decision. Terms
defined in the relevant "Terms and Conditions of the Bonds" below shall have the same meaning where used
below.
Risks Related to the Global Economy and the Steel Industry
The downturn in the global economy that accelerated during the second half of 2008 has caused a sharp
reduction in worldwide demand for steel, and a protracted global recession or a depression would have a
material adverse effect on the steel industry and ArcelorMittal
ArcelorMittal's activities and results are affected by international, national and regional economic conditions.
Starting in September 2008, a steep downturn in the global economy, sparked by uncertainty in credit markets
and deteriorating consumer confidence, has sharply reduced demand for steel products. This has had, and
continues to have, a pronounced negative effect on ArcelorMittal's business and results of operations.
If global macroeconomic conditions continue to deteriorate, the outlook of steel producers will worsen
further. In particular, a significant and prolonged recession or depression in the United States and Europe, or
significantly slower growth or the spread of recessionary conditions to emerging economies that are
substantial consumers of steel (such as China, Brazil, Russia and India, as well as emerging Asian markets,
the Middle East and the Commonwealth of Independent States ("CIS") regions) would exact a heavy toll on
the steel industry. Continued financial weakness among substantial consumers of steel products, such as the
automotive industry (to which ArcelorMittal shipped approximately 15.2 million tonnes of steel in 2008) and
the construction industry, or the bankruptcy of any large companies in such industries, would exacerbate the
negative trend in market conditions. Despite ArcelorMittal's size and global breadth, protracted declines in
steel consumption caused by poor economic conditions in one or more of its major markets or by the
deterioration of the financial condition of its key customers would have a material adverse effect on demand
for its products and hence on its results.
The Issuer has announced and is implementing a variety of measures in response to the market downturn and
the worldwide collapse in demand for steel products. These include: postponing target completion dates for
the realization of previously announced shipment growth objectives; implementing a series of cost-reduction
and productivity improvement measures in view of achieving $5 billion in cost savings over the next five
years; implementing temporary cuts in steel production of up to 40-45% globally in order to seek to accelerate
inventory reduction; and targeting a $10 billion reduction in "net debt" (i.e., long-term debt net of current
portion plus payables to banks and current portion of long-term debt, less cash and cash equivalents, restricted
cash and short-term investments) by the end of 2009. These initiatives may not prove sufficient, in terms of
cost-reduction or in realigning ArcelorMittal's production levels with reduced demand, to maintain
ArcelorMittal's profitability going forward.
A protracted fall in steel prices would have a material adverse effect on the results of ArcelorMittal, as could
price volatility
Steel prices are volatile and the global steel industry has historically been cyclical. After rising during 2007
and through the summer of 2008, steel prices in global markets fell sharply beginning in the late summer of
2008 as a result of collapsing demand and the resulting excess supply in the industry. The fall in prices during
/ /
10